PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 3/23 thous. of net tons 1,989 1,927# -1.1 AUTOS 3/23 units 107,834 108,387r# -0.8 TRUCKS 3/23 units 155,420 150,565r# 9.9 ELECTRIC POWER 3/23 millions of kilowatt-hrs. 67,861 66,482# 3.0 CRUDE-OIL REFINING 3/23 thous. of bbl./day 14,160 14,059# -4.4 COAL 3/16 thous. of net tons 19,660# 19,945 -14.7 LUMBER 3/16 millions of ft. 538.4# 530.1r 18.0 RAIL FREIGHT 3/16 billions of ton-miles 28.0# 27.4 -5.1

Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison Electric Institute, American Petroleum Institute, Energy Dept., WWPA, SFPA, Association of American Railroads

LEADING INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG ECRI LEADING INDEX 3/15 1992=100 122.3 121.8r 3.0 STOCK PRICES 3/22 S&P 500 1148.7 1166.2 -0.2 CORPORATE BOND YIELD, Aaa 3/22 6.9% 6.9% 4.6 MONEY SUPPLY, M2 3/11 billions $5,493.7 $5,504.2 8.2 INITIAL CLAIMS, UNEMPLOYMENT 3/22 thous. 394 376r 3.1 MORTGAGE APPLICATIONS, PURCHASE 3/22 330.4 310.9 10.2 MORTGAGE APPLICATIONS, REFINANCE 3/22 1450.6 1406.3 -29.3

Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's, Fed- eral Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 1990=100)

PRICES

LATEST WEEK YEARLY WEEK AGO % CHG GOLD 3/27 $/troy oz. 299.000 291.850 14.1 STEEL SCRAP 3/26 #1 heavy, $/ton 76.83 76.83 0.9 COPPER 3/22 cents/lb. 80.0 78.1 -5.6 ALUMINUM 3/22 cents/lb. 68.0 67.3 -6.2 COTTON 3/22 strict low middling 1-1/16 in., cents/lb. 35.83 34.85 -26.9 OIL 3/27 $/bbl. 25.63 24.65 -1.5 CRB FOODSTUFFS 3/26 1967=100 202.80 205.35 1.5 CRB RAW INDUSTRIALS 3/26 1967=100 232.44 232.46 -5.2

Sources: London Wednesday final setting, Iron Age Scrap Price Bulletin, Metals Week, Memphis market, NYMEX, Commodity Research Bureau

FOREIGN EXCHANGE

LATEST WEEK YEAR WEEK AGO AGO BRAZILIAN REAL 3/27 2.3185 2.3440 2.1235 BRITISH POUND 3/27 1.42 1.43 1.43 CANADIAN DOLLAR 3/27 1.60 1.58 1.58 EUROPEAN EURO 3/27 0.8724 0.8820 0.8959 JAPANESE YEN 3/27 132.64 131.86 123.36 KOREAN WON 3/27 1324.5 1325.9 1304.5 MEXICAN PESO 3/27 9.012 9.066 9.528 TRADE-WEIGHTED DOLLAR INDEX 3/27 124.2 123.5 120.9

Sources: Major New York banks. Currencies expressed in units per U.S. dollar, except for British Pound and European Euro in dollars. Trade-weighted dollar via J.P. Morgan.

INTEREST RATES

LATEST WEEK YEAR WEEK AGO AGO FEDERAL FUNDS 3/26 1.71% 1.67% 5.14% COMMERCIAL PAPER 3/26 3-month 1.91 1.88 4.63 CERTIFICATES OF DEPOSIT 3/27 3-month 1.96 1.90 4.78 FIXED MORTGAGE 3/22 30-year 7.23 7.18 7.16 ADJUSTABLE MORTGAGE 3/22 one-year 5.44 5.43 6.40 PRIME 3/22 4.75 4.75 8.50

Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets

#Raw data in the production indicators are seasonally adjusted in computing the BW index (chart); other components (estimated and not listed) include machinery and defense equipment. 1=Western Wood Products Assn. 2=Southern Forest Products Assn. 3=Free market value NA=Not available r=revised NM=Not meaningful

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